U.S. Sen. Jim DeMint said today he will replace Ed Feulner as president of the Heritage Foundation, and leave the Senate in January.

DeMint, a Republican, will leave his post as South Carolina’s junior senator in early January to take control of the Washington think tank, which has an annual budget of about $80 million.

“It’s been an honor to serve the people of South Carolina in United States Senate for the past eight years, but now it’s time for me to pass the torch to someone else and take on a new role in the fight for America’s future,” DeMint said in a statement.

“I’m leaving the Senate now, but I’m not leaving the fight. I’ve decided to join The Heritage Foundation at a time when the conservative movement needs strong leadership in the battle of ideas,” he said. “No organization is better equipped to lead this fight and I believe my experience in public office as well as in the private sector as a business owner will help Heritage become even more effective in the years to come.

“I’m humbled to follow in the footsteps of Ed Feulner, who built the most important conservative institution in the nation. He has been a friend and mentor for years and I am honored to carry on his legacy of fighting for freedom.”

Feulner had total compensation of $1,098,612 in 2010, according to Heritage Foundation’s Form 990. DeMint’s pay as U.S. Senator has been $174,000 since 2009, with Senate pay set at $174,000 for 2013.

DeMint’s departure means that Gov. Nikki Haley, a Republican, will name a successor, who will have to run in a special election in 2014. Both DeMint’s replacement and Sen. Lindsey Graham will be running for reelection in South Carolina that year.

Republican insiders were speculating that Haley may look at a handful of names as DeMint’s replacement, including U.S. Rep. Tim Scott, the North Charleston Republican and a favorite of conservatives. Scott is the only black Republican in the U.S. House.

Scott, in a statement this morning, said: “I first want to thank Senator DeMint for the tremendous work he has done on behalf of South Carolina and the nation. His commitment to conservative principles leaves a true legacy, and I have greatly enjoyed getting to know and work with him over the past two years.

“Looking forward, Governor Haley will now appoint a new Senator, and I know she will make the right choice both for South Carolina and the nation.”

Other possible replacements include Rep. Trey Gowdy, Congressman for the 4th District that includes much of Greenville County and Rep. Mick Mulvaney, the Republican Congressman from Indian Land.

All three were elected to Congress in the 2010 election.

Haley could also resign as governor, which would elevate Lt. Gov. Glenn McConnell to her post as a deal that would have him appoint her to the Senate. But Haley has consistently said the only job she is interested in is the one she has and has started preparing for re-election in 2014.

Haley said this morning that DeMint “has served South Carolina and the national conservative movement exceptionally well. His voice for freedom and limited government has been a true inspiration. On a personal level, I value Jim’s leadership and friendship. Our state’s loss is the Heritage Foundation’s gain. I wish Jim and Heritage all the best in continuing our shared commitment to America’s greatness.”

DeMint was elected to the U.S. House of Representatives in 1998 after owning a successful advertising and market research company for 20 years. DeMint left the House after limiting himself to three terms. He then was elected to the U.S. Senate in 2004 and re-elected in 2010.

DeMint has authored legislation to balance the budget, ban earmarks, replace the tax code, and reform the nation’s entitlement programs.

DeMint was also the congressman from this district, so he has been annoying me nonstop since 1998.

Good riddance. I doubt any possible replacement could be as bad.

EDIT 12/7/12: As mentioned above, Rep. Tim Scott, up-and-coming black Republican congressman from Charleston, is being touted as DeMint's replacement in the Senate. If appointed, he would be South Carolina's first black Senator. A website-petition has sprung up to push him as the replacement.